Custodial Accounts | Wright-Patt Credit Union

The control is yours, but the money is theirs — start a solid savings foundation for the child in your life.

If you are a grandparent, godparent, aunt, uncle or close family friend of a youth under 21 years of age, a Wright-Patt Custodial Account is a smart way to help them establish a solid foundation for the future. This trust account lets you deposit money into an account in which you act as the guardian of the funds until the minor turns 21 years old. Until then, you are the only one who can withdraw funds from the account, but the money remains theirs.

Additional Resources

FAQs

Q:

To open a Custodial Account, does the child have to be a relative of mine?

No. The only requirement for the party opening the account, known as the "custodian," is that he or she must be an adult 18 years of age or older. The account must be opened in the name of the minor, and the minor's social security number must be included on the account.

Q:

What happens to the money when the minor turns 21 years old?

When the minor reaches the age of 21, the custodian must deliver or pay the custodial property over to the minor.

Q:

Are my deposits insured?

Yes – your deposits at Wright-Patt Credit Union are federally insured up to a total of $250,000 per ownership interest by the National Credit Union Association (NCUA).

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